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Debts bringing down Nicholas Biwott’s multi billion empire

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Nicholas Biwott Wealth: When the late powerful cabinet minister Nicholas Biwott died, only a few Kenyans believed that he was worth the Sh. 1.4 billion that was publicly revealed. This was because the minister was rumoured to have had significant stakes in over 40 companies. These included Kenol Kobil, Sisibo Tea Factory, HZ Construction and Air Kenya.

But now, a report that appeared in a local daily shows that the empire of the late minister is on the brink of collapse following huge debts that he left behind. In fact, it is estimated that if the debts are settled, the late minister’s net worth will be Sh. 500 million or less.

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“Nearly three years after his demise, even the Sh. 1.4 billion risks being depleted owing to debt claims that are now at the centre of court battles in Nairobi and Eldoret. The claims indicate that Biwott may have suffered a cash crunch in his final years as the former minister allegedly died before paying debts worth millions of shillings. The latest claim has been made by lawyer Ahmed Adan, who alleges he lent Biwott Sh. 71 million between October, 2014 and May, 2015,” says the report that appeared in the Daily Nation on Monday.

According to the report, a real estate baron Barnabas arap Kiprono who is based in Eldoret is currently claiming Sh.  1 billion from the late Biwott. He has already filed a case in court after his claim was rejected by the executioners of the late ministers will. the executioners were lawyers Desterio Oyatsi, Hamish Keith, and Yaya Towers managing director Elisabeth Klem.

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“Kiprono says that he lent Biwott Sh. 382 million in cash and bank transfers to enable him to settle some debts and boost some of his businesses. The businessman claims that interest on his loans to Biwott have pushed the total debt to nearly Sh. 1 billion,” says the report.

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Kiprono’s was not the only rejected claim. The executioners also rejected the claims of Biwott’s banker Rosemary Kamene Nzeki and Ahmed Adan. “Ms. Nzeki says she handled Biwott’s Barclays Bank account for years and the same had pending salaries of Sh. 1.6 million for the period covering January-June, 2017. The banker also loaned Biwott Sh. 762,600 and furnished the court with two undated cheques to prove her claim. On March 16, 2018, Mr Adan lodged his claim with the three executors but was denied any payment. He now wants the Sh. 71 million with interest paid.” Nicholas Biwott Wealth.

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